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ACC210 Major Assignment (Task 2) Question 1: (Approximately 400 words) Exercise 3.1- Valuation premise for measurement of fair value Maple Ltd conducts a business that makes women’s shoes. It operates a factory in an inner suburb of Perth. The factory contains a large amount of equipment that is used in the manufacture of shoes. Maple Ltd owns both the factory and the land on which the factory stands. The land was acquired in 2007 for $200 000 and the factory was built in that year at a cost of $520 000. Both assets are recorded at cost, with the factory having a carrying amount at 30 June 2017 of $260 000. In recent years a property boom in…

Question 2 [20 marks] Topic 4: Accounting for equity On 1 July 2016, Ansett Ltd was incorporated and offered 5,000,000 ordinary shares to the public at an issue price of $2.00 per share, with $1.50 payable on application, and $0.30 due within one month of allotment and $0.20 payable on a call to be made at a later date. By 31 July 2016, applications had been received for 5,500,000 shares. On 12 August 2016, 5,000,000 shares were allotted, and excess application money refunded to unsuccessful applicants. All allotment money was received by 12 September 2016. On 20 March 2017, the call was made with money due by 30 April 2017. By 30 April 2017, all call money was…

Question 1 [40 marks] Topics 1 to 3 - Consolidation: Principles, accounting requirements, intra-group transactions and non-controlling interests Parent Ltd acquired 80% of the issued shares of Subsidiary Ltd on 1 July 2014. At the acquisition date, the equity of Subsidiary Ltd consisted of Share Capital of $200,000; Retained Earnings of $ 74,000 and General Reserve of $6,000. Parent Ltd uses the full goodwill method. The fair value of non-controlling interest at 1 July 2014 was $63,000. All the identifiable net assets of Subsidiary Ltd were recorded at fair value at the date of acquisition, except for the following assets: Carrying amount Fair value $ $ Plant (cost $150,000) 100,000 110,000 Land 60,000 76,000…

QUESTION 1 (14 marks) Jazza Ltd produces clocks at its Shenzhen factory. Each clock is put together in the Assembly Department and then tested in the Testing Department. In the Assembly Department, the process-costing system at Jazza Ltd has a single direct cost category (direct materials) and a single indirect cost category (conversion costs). Direct materials are added at the beginning of the process. Conversion costs are added evenly during the process. When the Assembly Department finishes work on each clock, it is immediately transferred to Testing. Jazza Ltd uses the weighted-average method of process costing. Data for the Assembly Department for August 2017 are: Physical Units Direct Materials Conversion costs Work in process, 1 August 6,000 $2,950,000 $925,500 Started during…

Background The assignment of a payroll calculator demonstrates Excels ability to automate and present financial calculation information clearly. The ability to build and professionally present a workbook is an important skill. Please note: that where the assignment states that you must use an expression, we mean a function. Please Note: In Australia, permanent employees get given 20 days holiday pay (they get paid at their normal rate while on holiday) and ten days sick pay (they get paid at their normal rate while sick) in each year that they are employed. This means that they get paid even though they are away from work. Superannuation is calculated as a percentage of the Gross pay and taxed at 15%. …

Marshell Ltd produces a subassembly used in the production of forklifts. The assembly is sold to engine manufacturers and forklift maintenance facilities. The company is completing its fifth year of operations and is preparing to build its master budget for the coming year (2018). The master budget will be based on the following information: The finished goods inventory was 64 000 units at 31 December 2017, each costing $332.12. The desired ending inventory for each month is 80% of the next month’s sales. The data on materials used are as follows: Direct material Per-unit usage Unit cost ($) Metal 20 kg 16 Components 12 components 10 Inventory policy dictates that sufficient materials be on hand at the end of the…

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